lørdag 8. mai 2021

Myanmar Coup Forced Sharp Downturn in Business: Report

It has been apparent for some time that Myanmar’s post-coup crisis has pushed the country toward a dramatic economic collapse. More evidence of the extent of the economic fallout is offered by a new surveyof Myanmar-based companies, which found that the two months after the military’s February 1 coup dealt a heavier blow to the country’s economy than a year of COVID-19 restrictions and lockdowns.

Released yesterday, the survey, which was conducted by 10 foreign chambers of commerce in Myanmar, quizzed 372 companies about the impact of the pandemic and the coup. These included 182 from Japan and 115 from Western nations, in addition to 54 local firms and 17 from Myanmar’s Southeast Asian neighbors.

Remarkably, nearly 13 percent of the companies surveyed have ceased all activities since the coup. Around a third of respondents reported a 75 percent-plus reduction in their activities in Myanmar since the military coup in February, while 21 percent said they have reduced activities by between 50 percent and 75 percent. Just 5 percent of respondents reported that the crisis had had no impact on their business activities.